-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, WqJeOMX1O1uWobCMsxm0WyQaBidCw6Au7ouX5CksuwNrq0l9GvN5k3BLO48mXRfc AJAtdTL1Qc6xSRrpCrmYhA== 0000037996-95-000010.txt : 19950421 0000037996-95-000010.hdr.sgml : 19950421 ACCESSION NUMBER: 0000037996-95-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19950420 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950420 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CO CENTRAL INDEX KEY: 0000037996 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380549190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03950 FILM NUMBER: 95529854 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133232260 8-K 1 FMC 8-K - NEWS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) April 19, 1995 -------------- FORD MOTOR COMPANY (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) 1-3950 38-0549190 (Commission File Number) (IRS Employer Identification No.) The American Road, Dearborn, Michigan 48121 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 313-322-3000 Item 5. Other Events. News release dated April 19, 1995, filed as Exhibit 20 to this Current Report on Form 8-K, is incorporated by reference herein. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. EXHIBITS Designation Description Method of Filing - ----------- ------------------ ---------------------- Exhibit 20 News release dated Filed with this Report April 19, 1995. Exhibit 27.1 Financial Data Schedule - Filed with this Report Automotive Segment Exhibit 27.2 Financial Data Schedule - Filed with this Report Financial Services Segment Exhibit 27.3 Financial Data Schedule - Filed with this Report Conglomerate Total SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the date indicated. FORD MOTOR COMPANY (Registrant) Date: April 20, 1995 By:/s/T. J. DeZure T. J. DeZure Assistant Secretary EXHIBIT INDEX DESIGNATION DESCRIPTION PAGE Exhibit 20 News release dated April 19, 1995. Exhibit 27.1 Financial Data Schedule - Automotive Segment Exhibit 27.2 Financial Data Schedule - Financial Services Segment Exhibit 27.3 Financial Data Schedule - Conglomerate Total 8k.wp EX-20 2 Exhibit 20 FORD Global News Public Affairs Ford Motor Company The American Road Room 904 Dearborn, MI 48121 Telephone: (313)322-9600 Fax: (313)845-0570 (313)337-1764 FOR RELEASE AT 8 A.M. (EASTERN) WEDNESDAY, APRIL 19 Contact: Media Inquiries: Broadcast Media: Stockholder Inquiries: Terry Bresnihan Brenda Hines (313) 845-8540 (313) 322-9600 (313) 322-9600 FORD POSTS STRONG FIRST-QUARTER RESULTS DEARBORN, Mich., April 19 -- Increasing popularity of Ford Motor Company's cars and trucks worldwide and another solid contribution by the Financial Services Group kept Ford on a course of strong and steady improvement in the first quarter of 1995. Ford had first-quarter earnings of $1.55 billion or $1.44 per share of common and Class B stock. This compares with $904 million or $0.83 per share in the first quarter of 1994. Results a year ago included a $440 million charge ($0.44 per share) for the sale of First Nationwide Bank. "This was another strong quarter at Ford," said Alex Trotman, chairman and chief executive officer. "It marked the ninth consecutive quarter of year-over-year improvement for the total company as well as for our automotive operations, and Financial Services came through with a substantial positive impact on our quarterly profits. There was some near-term weakening of industry vehicle sales in North America, but Ford was still able to achieve good overall results." NEW WAY OF DOING BUSINESS "This was a historic quarter for the company, as we began to operate as the newly organized Ford Automotive Operations," Trotman said. "The merging of our European and North American automotive operations and our worldwide components operations is progressing effectively and on schedule. Ford will become an increasingly efficient organization with an improved capability to provide high-quality, exciting vehicles to the diverse markets of the world. We are confident that this new way of doing business at Ford will bring substantial benefits to our employees, customers and shareholders." -2- SUMMARY OF FIRST-QUARTER 1995 COMPARED WITH FIRST-QUARTER 1994 Overview - -------- - - Total earnings were $1.55 billion, compared with $904 million in the first quarter of 1994. - - Earnings per share were $1.44, compared with $0.83 per share. - - Worldwide sales and revenues were $34.8 billion, compared with $30.4 billion. Automotive - ---------- - - Net income from worldwide automotive operations was $1.14 billion, compared with $973 million. After-tax return on sales was four percent, compared with 3.8 percent. - - Net income from U.S. automotive operations was $825 million, compared with $816 million. After-tax return on sales was 4.2 percent, compared with 4.5 percent. - - Net income from automotive operations outside the U.S. was $316 million, compared with $157 million. After-tax return on sales was 3.6 percent, compared with 2.1 percent. Financial Services Group - ------------------------ - - The Financial Services Group earned $409 million, compared with a loss of $69 million. (The 1994 loss included a $440 million charge for the sale of First Nationwide.) - - Ford Credit earned $288 million, compared with $299 million. - - The Associates Corp. of North America earned $166 million, compared with $141 million. - - USL Capital earned $26 million, compared with $21 million. Sales and Market Share - ---------------------- - - Worldwide vehicle unit sales were 1,770,000, compared with 1,717,000 units. - - Combined car and truck share in the U.S. was 26.6 percent, compared with 24.8 percent. - - Combined car and truck share in Europe was 12.5 percent, compared with 12.2 percent. Balance Sheet - ------------- - - Stockholders' equity was $23.6 billion, compared with $16.6 billion in the year-ago period. - - Automotive cash and marketable securities were $13.3 billion, compared with $11.6 billion. - - Automotive debt was $7.1 billion, compared with $7.9 billion. - - Automotive net cash was $6.2 billion, compared with $3.7 billion in the year-ago period. - - Capital spending was $2.2 billion in the first quarter, compared with $1.7 billion a year ago. -3- AUTOMOTIVE OPERATIONS Ford's net income from worldwide automotive operations was $1.14 billion in the first quarter, up $168 million from the first quarter of 1994. The after-tax return on sales was four percent, up two-tenths of a point from last year. U.S. automotive operations showed continued strength, with earnings of $825 million, up $9 million from a year ago. Return on sales was 4.2 percent, down three-tenths of a point from a year earlier. Outside the U.S., automotive operations earned $316 million, an improvement of $159 million over a year ago. Return on sales for automotive operations outside the U.S. was 3.6 percent, up 1.5 points from the year earlier period. In Europe, Ford earned $165 million, an improvement of $112 million over the corresponding period last year. "Ford's investment in new products continues to pay dividends in the marketplace," Trotman said. "Customer reaction to our vehicles has increased Ford's market shares in most of our markets around the world. Combined car and truck share in the U.S. was 26.6 percent, up nearly two points for the quarter, and the best showing since 1978. Ford also had five of the six best- selling vehicles in the quarter." Trotman noted that trucks have been especially strong. "U.S. truck buyers have increasingly turned to Ford as the brand of choice. In the first quarter, our dealers sold more trucks in total in the U.S. than any other manufacturer's, sales of our minivan lineup were up more than 40 percent over a year ago and the new 1995 Explorer became an immediate hit. All this combined to give Ford in March its best truck sales month in the company's history," Trotman said. "We continued moving forward in Europe, with higher shares for both Fiesta and Scorpio. And we achieved a 12.5 percent combined car and truck share in Europe, which was the best since 1983," Trotman said. "We also achieved a strong market position in the U.S. compact car segment," Trotman said. "On that brutally competitive battleground, Contour and Mystique emerged as clear successes in the first quarter. And with its growing popularity in the U.S. and wide acceptance in Europe, our world car -- represented by Contour, Mondeo and Mystique -- reached its one- millionth production milestone recently, in less than two years." -4- FINANCIAL SERVICES The Financial Services Group earned $409 million in the first quarter of 1995. FSG's profits increased $478 million from the first quarter of 1994, when a $440 million charge was taken for the sale of First Nationwide Bank. The group's performance for the first quarter of this year included earnings of $288 million by Ford Credit, $166 million by The Associates and $26 million by USL Capital. "The Financial Services Group once again made an excellent showing with record first quarter profits at both The Associates and USL Capital, and another solid contribution by Ford Credit despite fierce competitive pressures in automotive financing," Trotman said. "With assets of more than $150 billion, FSG continues as one of the largest financial services providers in the world and is a leader in customer satisfaction as well as profitability." FORD LOOKS TO LONG-TERM STRENGTH "The management team is confident about the future of Ford," Trotman said. "The realignment of the company is going well. Our automotive operations are strong in our existing markets and we're making progress in the emerging markets of the world. "We have a world-class line-up of products and we have unprecedented plans for an even greater flow of new and exciting vehicles in the coming months and years. And, our financial services business continues to be a consistent and growing source of stable earnings." Trotman noted, however, that even though current performance is good, the company's focus will remain on continuous improvement. "Obviously, there is more to be done. We will keep working to improve our automotive margins. We have an aggressive cost reduction program in place. And our objective on customer satisfaction remains to be number one," Trotman said. "Everything we do is aimed at strengthening this company for the long-term." # # # 4/19/95 Ford Motor Company and Subsidiaries HIGHLIGHTS ---------- First Quarter ---------------------- 1995 1994 --------- -------- Worldwide vehicle unit sales of cars and trucks (in thousands) - - United States 1,087 1,067 - - Outside United States 683 650 ----- ----- Total 1,770 1,717 ===== ===== Sales and revenues (in millions) - - Automotive $28,601 $26,070 - - Financial Services 6,182 4,332 ------- ------- Total $34,783 $30,402 ======= ======= Net income (in millions) - - Automotive $ 1,141 $ 973 - - Financial Services 409 (69)* ------- ------- Total $ 1,550 $ 904 ======= ======= Capital expenditures (in millions) - - Automotive $ 2,131 $ 1,641 - - Financial Services 67 59 ------- ------- Total $ 2,198 $ 1,700 ======= ======= Stockholders' equity at March 31 - - Total (in millions) $23,552 $16,633 - - After-tax return on Common and Class B stockholders' equity 30.9% 26.3% Automotive cash, cash equivalents, and marketable securities at March 31 (in millions) $13,254 $11,573 Automotive debt at March 31 (in millions) $ 7,102 $ 7,919 Automotive after-tax return on sales 4.0% 3.8% Shares of Common and Class B Stock (in millions) - - Average number outstanding 1,025 1,000 - - Number outstanding at March 31 1,027 1,002 AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK AFTER PREFERRED STOCK DIVIDENDS Income/(loss) - - Automotive $ 1.04 $ 0.90 - - Financial Services 0.40 (0.07) ------- ------- Total $ 1.44 $ 0.83 ======= ======= Income assuming full dilution $ 1.28 $ 0.75 Cash dividends per share of Common and Class B Stock $ 0.26 $ 0.20
- - - - - - *Includes a loss of $440 million related to the disposition of Granite Savings Bank (formerly First Nationwide Bank) Segment results for 1994 have been adjusted to reflect reclassification of certain tax amounts to conform with the 1995 presentation. Ford Motor Company and Subsidiaries VEHICLE UNIT SALES ------------------ For the Periods Ended March 31, 1995 and 1994 (in thousands)
First Quarter --------------------- 1995 1994 -------- -------- North America United States Cars 509 509 Trucks 578 558 ----- ----- Total United States 1,087 1,067 Canada 65 64 Mexico 11 20 ----- ----- Total North America 1,163 1,151 Europe Germany 118 110 Britain 104 122 Italy 52 54 Spain 48 37 France 44 43 Other countries 77 71 ----- ----- Total Europe 443 437 Other international Brazil 62 34 Australia 31 25 Taiwan 28 32 Japan 16 13 Argentina 10 10 Other countries 17 15 ----- ----- Total other international 164 129 ----- ----- Total worldwide vehicle unit sales 1,770 1,717 ===== =====
Vehicle unit sales are reported worldwide on a "where sold" basis and include sales of all Ford-badged units, as well as units manufactured by Ford and sold by other manufacturers. First Quarter 1994 unit sales have been restated to reflect the country where sold and to include sales of all Ford-badged units. Previously, factory unit sales were reported in North America on a "where sold" basis and overseas on a "where produced" basis. Also, Ford-badged unit sales of certain unconsolidated subsidiaries (primarily Autolatina in Brazil and Argentina) were not reported previously. Ford Motor Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME -------------------------------- For the Periods Ended March 31, 1995 and 1994 (in millions)
First Quarter -------------------- 1995 1994 ------- -------- (unaudited) AUTOMOTIVE Sales $28,601 $26,070 Costs and expenses (Note 2) Costs of sales 25,605 23,352 Selling, administrative, and other expenses 1,214 1,159 ------- ------- Total costs and expenses 26,819 24,511 Operating income 1,782 1,559 Interest income 207 128 Interest expense 166 176 ------- ------- Net interest income/(expense) 41 (48) Equity in net income of affiliated companies 20 67 Net expense from transactions with Financial Services (23) (8) ------- ------- Income before income taxes - Automotive 1,820 1,570 FINANCIAL SERVICES Revenues 6,182 4,332 Costs and expenses Interest expense 2,167 1,598 Depreciation 1,521 903 Operating and other expenses 1,336 824 Provision for credit and insurance losses 422 344 Loss on disposition of Granite Savings Bank (formerly First Nationwide Bank) (Note 4) - 475 ------- ------- Total costs and expenses 5,446 4,144 Net revenue from transactions with Automotive 23 8 ------- ------- Income before income taxes - Financial Services 759 196 ------- ------- TOTAL COMPANY Income before income taxes 2,579 1,766 Provision for income taxes 988 825 ------- ------- Income before minority interests 1,591 941 Minority interests in net income of subsidiaries 41 37 ------- ------- Net income 1,550 904 Preferred stock dividend requirements 72 72 ------- ------- Income attributable to Common and Class B Stock $ 1,478 $ 832 ======= ======= Average number of shares of Common and Class B Stock outstanding 1,025 1,000 AMOUNTS PER SHARE OF COMMON STOCK AND CLASS B STOCK AFTER PREFERRED STOCK DIVIDENDS Income $ 1.44 $ 0.83 ======= ======= Income assuming full dilution $ 1.28 $ 0.75 Cash dividends $ 0.26 $ 0.20
The accompanying notes are part of the financial statements. Ford Motor Company and Subsidiaries CONSOLIDATED BALANCE SHEET -------------------------- (in millions)
March 31, December 31, 1995 1994 ------------- ------------ (unaudited) ASSETS Automotive Cash and cash equivalents $ 9,933 $ 4,481 Marketable securities 3,321 7,602 -------- -------- Total cash, cash equivalents, and marketable securities 13,254 12,083 Receivables 3,105 2,548 Inventories (Note 3) 7,331 6,487 Deferred income taxes 3,080 3,062 Other current assets 1,861 2,006 Net current receivable from Financial Services 360 677 -------- -------- Total current assets 28,991 26,863 Equity in net assets of affiliated companies 3,580 3,554 Net property 28,428 27,048 Deferred income taxes 4,426 4,146 Other assets 6,837 6,760 -------- -------- Total Automotive assets 72,262 68,371 Financial Services (Note 4) Cash and cash equivalents 1,795 1,739 Investments in securities 6,384 6,105 Net receivables and lease investments 138,185 130,356 Other assets 13,399 12,783 -------- -------- Total Financial Services assets 159,763 150,983 -------- -------- Total assets $232,025 $219,354 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Automotive Trade payables $ 11,925 $ 10,777 Other payables 1,972 2,624 Accrued liabilities 12,743 11,599 Income taxes payable 1,062 316 Debt payable within one year 341 155 -------- -------- Total current liabilities 28,043 25,471 Long-term debt 6,761 7,103 Other liabilities 25,440 24,920 Deferred income taxes 1,239 948 -------- -------- Total Automotive liabilities 61,483 58,442 Financial Services (Note 4) Payables 2,815 2,361 Debt 130,713 123,713 Deferred income taxes 3,234 2,958 Other liabilities and deferred income 7,993 7,669 Net payable to Automotive 360 677 -------- -------- Total Financial Services liabilities 145,115 137,378 Preferred stockholders' equity in a subsidiary company 1,875 1,875 Stockholders' equity Capital stock Preferred Stock, par value $1.00 per share (aggregate liquidation preference of $3.4 billion) * * Common Stock, par value $1.00 per share (957 and 952 million shares issued) 957 952 Class B Stock, par value $1.00 per share (71 million shares issued) 71 71 Capital in excess of par value of stock 5,364 5,273 Foreign currency translation adjustments and other 774 189 Earnings retained for use in business 16,386 15,174 -------- -------- Total stockholders' equity 23,552 21,659 -------- -------- Total liabilities and stockholders' equity $232,025 $219,354 ======== ========
- - - - - - *Less than $1 million The accompanying notes are part of the financial statements. Ford Motor Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS ----------------------------------------------- For the Periods Ended March 31, 1995 and 1994 (in millions)
First Quarter 1995 First Quarter 1994 ----------------------- --------------------- Financial Financial Automotive Services Automotive Services ----------- --------- ---------- --------- (unaudited) (unaudited) Cash and cash equivalents at January 1 $ 4,481 $ 1,739 $ 5,667 $ 2,555 Cash flows from operating activities before securities trading 3,650 3,284 3,814 2,228 Net sales/(purchases) of trading securities 4,289 324 (1,924) 39 -------- -------- ------- -------- Net cash flows from operating activities 7,939 3,608 1,890 2,267 Cash flows from investing activities Capital expenditures (2,131) (67) (1,641) (59) Acquisitions of receivables and lease investments - (52,172) - (47,560) Collections of receivables and lease investments - 44,068 - 39,806 Net acquisitions of daily rental vehicles - (826) - - Purchases of securities (18) (1,818) (112) (3,607) Sales and maturities of securities 9 1,337 198 3,594 Proceeds from sales of receivables - - - 390 Loans originated net of principal payments - (2) - (204) Investing activity with Financial Services (174) - 0 - Other (442) (125) 162 (252) -------- -------- ------- -------- Net cash used in investing activities (2,756) (9,605) (1,393) (7,892) Cash flows from financing activities Cash dividends (338) - (272) - Issuance of Common Stock 96 - 84 - Changes in short-term debt 217 2,408 (52) 2,373 Proceeds from issuance of other debt 0 6,674 0 6,051 Principal payments on other debt (207) (3,239) 0 (3,826) Changes in customers' deposits, excluding interest credited - - - (422) Receipts from annuity contracts - 165 - 185 Financing activity with Automotive - 174 - 0 Other 6 25 25 31 -------- -------- ------- -------- Net cash (used in)/provided by financing activities (226) 6,207 (215) 4,392 Effect of exchange rate changes on cash 178 163 (96) 88 Net transactions with Automotive/Financial Services 317 (317) (207) 207 -------- -------- ------- -------- Net increase/(decrease) in cash and cash equivalents 5,452 56 (21) (938) -------- -------- ------- -------- Cash and cash equivalents at March 31 $ 9,933 $ 1,795 $ 5,646 $ 1,617 ======== ======== ======= ======== The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries NOTES TO FINANCIAL STATEMENTS ----------------------------- (unaudited) 1. Financial Statements - The financial data presented herein are unaudited, but in the opinion of management reflect those adjustments necessary for a fair presentation of such information. Results for interim periods should not be considered indicative of results for a full year. Reference should be made to the financial statements contained in the registrant's Annual Report on Form 10-K (the "10-K Report") for the year ended December 31, 1994. For purposes hereof, "Ford" or the "Company" means Ford Motor Company and its majority-owned subsidiaries unless the context requires otherwise. 2. Selected Automotive costs and expenses are summarized as follows (in millions):
First Quarter -------------------------- 1995 1994 ---------- ------------ Depreciation $ 589 $ 581 Amortization 712 542
3. Automotive inventories are summarized as follows (in millions):
March 31, December 31, 1995 1994 --------- ----------- Raw materials, work in process and supplies $3,518 $3,192 Finished products 3,813 3,295 ------ ------ Total Inventories $7,331 $6,487 ====== ====== U.S. Inventories $3,302 $2,917
4. Sale of First Nationwide Bank ----------------------------- On September 30, 1994, substantially all of the assets of First Nationwide Bank, since known as Granite Savings Bank (the "Bank"), were sold to, and substantially all of the Bank's liabilities were assumed by, First Madison Bank, FSB. The Bank is a wholly-owned subsidiary of Granite Management Corporation (formerly First Nationwide Financial Corporation) ("Granite"), which in turn is a wholly-owned subsidiary of Ford. The company recognized in First Quarter 1994 earnings a pre-tax charge of $475 million ($440 million after taxes) related to the disposition of the Bank, reflecting the nonrecovery of goodwill and reserves for estimated losses on assets not included in the sale. The company's income statement includes the results of operations of Granite through March 31, 1994. 5. Acquisition of The Hertz Corporation ------------------------------------ In April 1994, Hertz became a wholly-owned subsidiary of Ford. In the First Quarter of 1994, Hertz had been accounted for on an equity basis as part of the Automotive segment. Hertz' operating results, assets, liabilities, and cash flows have subsequently been consolidated as part of the Financial Services segment. EX-27.1 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 Automotive Segment 0000037996 FORD MOTOR COMPANY 1,000,000 3-MOS DEC-31-1995 MAR-31-1995 9,933 3,321 3,173 68 7,331 28,991 62,921 34,493 72,262 28,043 6,761 0 0 0 0 0 28,601 28,601 25,605 26,819 0 0 166 1,820 0 0 0 0 0 0 0 0
EX-27.2 4
5 Financial Services Segment 0000037996 FORD MOTOR COMPANY 1,000,000 3-MOS DEC-31-1995 MAR-31-1995 1,795 6,384 138,185 0 0 0 0 0 159,763 0 130,713 0 0 0 0 0 6,182 6,182 0 5,446 0 422 2,167 759 0 0 0 0 0 0 0 0
EX-27.3 5
CT conglomerate totals 0000037996 FORD MOTOR COMPANY 1,000,000 3-MOS DEC-31-1995 MAR-31-1995 232,025 1,028 0 0 22,524 232,025 34,783 988 1,550 0 0 0 1,550 1.44 1.28
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